The next time you decide to buy or sell some of your bitcoins, you might consider this. A while ago Teunis Brosens from the ING bank published a report on the costs of Bitcoin. He came to the conclusion that for one single transaction, roughly 245KWh is needed. This is way over the average monthly energy bill for your standard household.
I don't usually write about these things, but I just had to share this!
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That looks to be a problem they will have to sort out quickly, must be from the mining side. If prices go up it will become a place to store value and only use smaller cryptocurrencies on the other hand @seersalomon
It is indeed from the mining side, because they keep increasing the work needed for mining. However, I've also come across other sources which figured out that for example a bank in the top 20 of the US uses 10 times more power if you compare what is needed for offices and buildings etc. to the entire international bitcoin network. So it might not be that problematic at all in the end?
Check it out: https://webonanza.com/2015/10/06/is-bitcoin-mining-an-energy-waste-3/
Might take a while but I am sure this will be sorted out when countries return and allow miners to mine like they used to.
Interesting fact! Well i think i have drained a few towns power by now :/ ¯_(ツ)_/¯
lol (^^,) shame on you!
nice work
Yeah that doesnt seem to be super sustainable.. Bitcoin might become more of a depositbox/savingsaccount and not really a payment method..
Are we all sure that this is not another piece of anti-propaganda, published a banker that understands exactly how bitcoin will be the downfall of mainstream banking? Teunis is probably worried about losing his job soon 😈
Haha I see your point, allthough his article was based on actual research done by others. He just put it together. I found it through a dutch newsarticle which actually validated his write up. So biased? Maybe. Fake news? Definately not.
well that's unfortunate for hometown miners
I don´t believe this. The author didn´t explain how he had calculated it. Besides he is affiliated with Banksters.
@stayoutoftherz if you read it carefully you'll see it is actually based on the research of Digiconomist, which, according to Google Scholar has been cited and used in many whitepapers and articles. So I'd be carefull with just dismissing this for lack of evidence.
Check out the index here: https://digiconomist.net/bitcoin-energy-consumption
@seersalomon I did read it carefully, and still think the article makes no sense; the energy consumption includes the mining. WIth VISA you don´t have mining, so what´s the point to compare them?
@stayoutoftherz With Visa you have the need for offices and employees worldwide. That could be compared to the same resources needed which are now needed for mining. All those offices need to be powered as well. Employees need to travel (so not only energy consumption but addition CO2 as well when you think of it!).
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STOPTja het kan dan wel niet zo vriendelijk zijn voor het milieu, maar de schuldenbergen die de banken veroorzaakten door hun crisis, en die wij nog altijd voelen via het beleid, dat is voor miljoenen mensen ongezond (stress, ontslagen, minder inkomen, etc...)
Als ik dan zie dat de duizenden bankdirecteurs en hogere bediendes dagelijk met hun "bedrijfs"-wagen elke dag pendelen...daar vergas je elke maand enkele gezinnen mee... ook niet echt milieu vriendelijk...
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STOP